USA threatens new sanctions, Turkey vows to respond

The threat of sanctions comes amid Trump's concerns over Brunson, who is accused of being involved with an attempted coup that led to tens of thousands of people being arrested in 2016.

Gold prices shed over one per cent on Thursday to hit their lowest in more than 19 months, with the USA dollar holding steady near a recent peak as concerns about a Turkey crisis and China's economic health weighed on emerging market currencies.

The White House has said that Turkey's tariff hikes on United States products in retaliation for sanctions against Ankara were "regrettable" and again called for the immediate release of American pastor Andrew Brunson.

"We have more that we are planning to do if they don't release him quickly", Mnuchin said.

In his televised speech yesterday, Erdogan vowed that Turkey will "boycott United States electronic goods". Trump added the pastor is a "very innocent man" and "we got somebody out for him - he needed help getting somebody out of some place".

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on U.S. cars, alcohol and tobacco by the same amount on Wednesday.

"We're going to continue to apply the pressure until you do", Brownback said. The dispute over Brunson and other frictions between Washington and Ankara have been one reason the Turkish lira has plunged 40 per cent this year. He demanded Brunson's release, saying "they can't take our people".

Mr Albayrak, President Recep Tayyip Erdogan's son-in-law, said the country's banks were healthy and strong and the nation would not be turning to the International Monetary Fund for a bailout. Mr Brunson denies any involvement.

"Despite everything, we are ready to talk about everything to solve the existing problems as equal partners", Causoglu said.

Brunson has been detained in Turkey for nearly two years for his alleged involvement in a failed coup against Erdogan's regime.

Last week the U.S. doubled tariffs on aluminium and steel imports from Turkey, during a dispute over Turkey's detention of an American pastor on security charges that the U.S. views as baseless.

Qatar has promised to make a Dollars 15 billion direct investment in Turkey, badly hit by a currency crisis amid a widening diplomatic standoff with the United States, officials said.

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